The Pensions Advisory Service (PAS) has launched a new guide to help people think through the issues they need to consider around pensions when going through a divorce, separation or dissolution process.
Recent statistics from the Office of National Statistics highlight many marriages now fail to work out. The figures show that in England and Wales in 2012:
- There were 13 divorces an hour.
- Women were granted 65% of all divorces.
- 9,703 men and 6,026 women aged over 60 got divorced.
- The average age at divorce was 45 for men and 42 for women.
- 9% of couples divorcing had both been divorced before.
- 48% of couples divorcing had at least one child aged under 16 living with the family.
- It is expected that 42% of marriages will end in divorce.
These statistics reflect the experience of the PAS helpline and the responses it received in to its recent Women & Pensions survey. The effect of divorce, separation and dissolution on pensions is becoming a key issue to factor in when thinking about retirement income.
The PAS says that is clear from the calls it receives that divorce and separating can be an extremely stressful and upsetting time. For many of the callers, sorting out the finances of a divorce or separation is also very challenging, and highlights how important it is that pensions are appropriately factored into all divorce decisions.
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